Baby Boomers: Too Young or Too Old?

Last weekend I was talking to one of my friends getting very frustrated about the employability of the 50plus-generation. Applying for job after job, being too old or too expensive, being overqualified or not fitting in the team…or not hearing anything at all. I do understand her frustration! But I also know that the solution for her problem will not be found where she is looking: in the corporate environment or all kind of big institutions.

I love to read about what is happening in the economy and predictions about what will be happening in the future. A book I am reading right now is from Lynda Gratton, professor from the London Business School: “The Shift. The Future of Work is Already Here.”

She shows the problem with the Baby Boomers is a lot bigger then we are really aware of right now. This group is a very substantial part of our workforce and this group will be leaving the workforce in the years to come. Taking with them “a huge store of tactical knowledge and knowhow; and also…much of the wealth of the next generation”. Since birthrates have dropped since 1960 there will not be enough people to take their place! This will put a large burden on the economy and companies.

Another problem arises when all the Baby Boomers will be ready to collect there pension money. The workforce by then will not be big enough to pay for their pension and the money they have saved is not worth as much as they hoped it would be. Plus they are getting much older then what they thought 40 years ago when they started building up their pension.

In other words: The 50plus generation is not just excluded from the workforce too young but they are getting too old and will actually have to work much longer to be able to pay for their old age.

In many developed countries we already see this happening…the pensionadas trying to find a job to be able to pay for their day to day living.

The 50plus generation is also a generation that loves to enjoy life and is not very eager to sit around at the office after a certain age. This means we really need to refocus on different kind of ways to earn an (extra) income. But also redefine income streams. People have to build something now that will generate a growing income stream towards the future, the moment when they want to get the most out of their old age or need more money to pay for health issues or support at home.

Building our business and expanding it worldwide, we just love to work with this older generation. The 50plus generation still has a lot of ambition and also loves to duplicate their knowledge and skills. Coach the younger people to their succes. They know they have to put in the effort now to be able to have income streams that will still be there in the future and will even grow.

Of course you can have the Sunday afternoon conversations about everything that does NOT work for the 50plus generation in the traditional workforce. But what we need now is new ways of thinking to solve our problems in the future.

If you are interested to know how we build our business and what it can do for you please get in touch! ingun@fit4change.biz

 

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